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58,000 Dollars a Second

beobs
Posts: 4
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5/16/2011 4:04:30 PM
Posted: 5 years ago
That is how much money the United States borrows. President Obama is running our country into the damn ground...our kids kids kids will STILL be in debt from this. Something has to stop NOW with the incessant borrowing and government handouts.
wjmelements
Posts: 8,206
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5/16/2011 4:11:34 PM
Posted: 5 years ago
Also, what do you project the specific consequences of this debt to be?
in the blink of an eye you finally see the light
wjmelements
Posts: 8,206
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5/16/2011 4:19:06 PM
Posted: 5 years ago
At 5/16/2011 4:15:43 PM, beobs wrote:
At 5/16/2011 4:11:34 PM, wjmelements wrote:
Also, what do you project the specific consequences of this debt to be?

http://www.usdebtclock.org...#

There's a source.

That doesn't list any consequences.
in the blink of an eye you finally see the light
wjmelements
Posts: 8,206
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5/16/2011 4:20:44 PM
Posted: 5 years ago
At 5/16/2011 4:17:18 PM, beobs wrote:
Check out drudgereport.com

Drudge report does not confirm your statistic either.
in the blink of an eye you finally see the light
beobs
Posts: 4
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5/16/2011 4:51:13 PM
Posted: 5 years ago
At 5/16/2011 4:20:44 PM, wjmelements wrote:
At 5/16/2011 4:17:18 PM, beobs wrote:
Check out drudgereport.com

Drudge report does not confirm your statistic either.

Oh, you don't see the headline that says "US borrows $58,000 a second"?
Aside from defaulting on payments (because we've reached our debt ceiling), this type of debt can drastically halt the growth of our economy as well as increase the unemployment rate. A growing level of federal debt would also increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government's ability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates. We have saddled future generations of Americans with our debts that they will be unable to pay. Few will be able to pay their own way through college like earlier generations could. They will have to work longer and harder than prior generations for a lower standard of living that what we enjoyed. Our standing on the world stage has been tarnished.
wjmelements
Posts: 8,206
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5/16/2011 5:46:18 PM
Posted: 5 years ago
At 5/16/2011 4:51:13 PM, beobs wrote:
At 5/16/2011 4:20:44 PM, wjmelements wrote:
At 5/16/2011 4:17:18 PM, beobs wrote:
Check out drudgereport.com

Drudge report does not confirm your statistic either.

Oh, you don't see the headline that says "US borrows $58,000 a second"?

I had to look it up. It's only a link to the site I provided, which doesn't indicate any increase of 58,000 per second.

Aside from defaulting on payments (because we've reached our debt ceiling),

National debt doesn't work like renting a house. There's no monthly bill, no collateral, and no defaulting. Reaching our self-mandated debt ceiling, further, wouldn't result in a default.

this type of debt can drastically halt the growth of our economy

All types of debt do that.

as well as increase the unemployment rate.

Prove it.

A growing level of federal debt would also increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government's ability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates.

The only possible fiscal crisis would involve almost every American citizen returning their long-lost war bonds in the same time frame, and if this prevents the government from borrowing to finance a foreign war, then it actually turned out to be a good thing.

We have saddled future generations of Americans with our debts that they will be unable to pay.

I don't think anyone will ever pay it. Unlike a home loan, it doesn't ever have to be fully repaid. The government must only pay its debts when it is demanded to by the separate families and corporations that have lent it.

Few will be able to pay their own way through college like earlier generations could.

Tuition will fall with demand. Supply is relatively inelastic.

They will have to work longer and harder than prior generations for a lower standard of living that what we enjoyed.

http://en.wikipedia.org...
All the richest countries are in debt.

Our standing on the world stage has been tarnished.

Since 1848.

What do you propose is the solution?
in the blink of an eye you finally see the light
SuzzaneO
Posts: 47
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5/18/2011 10:52:48 AM
Posted: 5 years ago
At 5/16/2011 4:51:13 PM, beobs wrote:
At 5/16/2011 4:20:44 PM, wjmelements wrote:
At 5/16/2011 4:17:18 PM, beobs wrote:
Check out drudgereport.com

Drudge report does not confirm your statistic either.

Oh, you don't see the headline that says "US borrows $58,000 a second"?
Aside from defaulting on payments (because we've reached our debt ceiling), this type of debt can drastically halt the growth of our economy as well as increase the unemployment rate. A growing level of federal debt would also increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government's ability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates. We have saddled future generations of Americans with our debts that they will be unable to pay. Few will be able to pay their own way through college like earlier generations could. They will have to work longer and harder than prior generations for a lower standard of living that what we enjoyed. Our standing on the world stage has been tarnished.

47 Million people are also on welfare...using their foodstamps to buy steaks and luxury items. Checking out of grocery lines carrying coach purses and driving away in mercedes benz. The government is corrupt. States are pissing away their funds on worthless programs. Schools and other programs are suffering immensely.
Rob1_Billion
Posts: 1,300
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5/18/2011 11:20:34 AM
Posted: 5 years ago
The United States is in "debt." It does not logically follow that the richest country(s) in the world are broke and in debt, because that means that all the other countries must be relatively worse off. There's no way for us to go under because of that debt, because everyone else would go under with us if we did. IOWs we can be in debt on paper, but there's no way anyone can force collection on this debt, no situation where we can default, and we will dictate any and all terms of its repayment. The interest we are paying is consuming our GDP, but if that becomes a problem then we'll probably just refinance on our own terms.
kfc
Rob1_Billion
Posts: 1,300
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5/18/2011 11:23:30 AM
Posted: 5 years ago
At 5/18/2011 10:52:48 AM, SuzzaneO wrote:
At 5/16/2011 4:51:13 PM, beobs wrote:
At 5/16/2011 4:20:44 PM, wjmelements wrote:
At 5/16/2011 4:17:18 PM, beobs wrote:
Check out drudgereport.com

Drudge report does not confirm your statistic either.

Oh, you don't see the headline that says "US borrows $58,000 a second"?
Aside from defaulting on payments (because we've reached our debt ceiling), this type of debt can drastically halt the growth of our economy as well as increase the unemployment rate. A growing level of federal debt would also increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government's ability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates. We have saddled future generations of Americans with our debts that they will be unable to pay. Few will be able to pay their own way through college like earlier generations could. They will have to work longer and harder than prior generations for a lower standard of living that what we enjoyed. Our standing on the world stage has been tarnished.

47 Million people are also on welfare...using their foodstamps to buy steaks and luxury items. Checking out of grocery lines carrying coach purses and driving away in mercedes benz. The government is corrupt. States are pissing away their funds on worthless programs. Schools and other programs are suffering immensely.

Yeah and rich people are buying 97 million dollar boats and using hundred dollar bills to wipe their a55es... you don't care about that though, do you...
kfc
bossyburrito
Posts: 14,075
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6/12/2012 7:55:22 PM
Posted: 4 years ago
D0WN WITH OBAMA BIN LADlN!
#UnbanTheMadman

"Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight
Somewhere out of a memory of lighted streets on quiet nights..."

~ Rush
DanT
Posts: 5,693
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6/12/2012 8:17:54 PM
Posted: 4 years ago
At 5/16/2011 4:04:30 PM, beobs wrote:
That is how much money the United States borrows. President Obama is running our country into the damn ground...our kids kids kids will STILL be in debt from this. Something has to stop NOW with the incessant borrowing and government handouts.

Not quite. Between 6/08/11 and 6/11/12 the debt increased by $1,393,283,955,385.90
http://www.treasurydirect.gov...

$1,393,283,955,385.90 / 365 days = $3,817,216,316.13

$3,817,216,316.13 / 24 hours = $159,050,679.84

$159,050,679.84 / 60 minutes = $2,650,844.66

$2,650,844.66 / 60 seconds = $44,180.74

So close, but no cigar.
"Chemical weapons are no different than any other types of weapons."~Lordknukle
twocupcakes
Posts: 2,748
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6/12/2012 9:04:53 PM
Posted: 4 years ago
The GDP of the USA is $15,094,025 million, so the USA produces about $478,000 per second. A long term plan to pay off the debt would be great, but the USA is not is as bad of shape as you make it out to be.

http://en.wikipedia.org...(nominal)